Despite a temporary reversal in the trend of falling lithium battery prices in recent years, a new report reveals that there has been a 14% drop in lithium-ion (Li-ion) battery pack cost from 2022-2023. The report, published by a market research and analysis group, highlights that prices have been falling again this year after experiencing "unprecedented price increases" in 2022.

The demand for batteries across the electric vehicle (EV) and battery energy storage system (BESS) markets is projected to reach 950GWh globally in 2023. This surge in demand has contributed to the reduction in pack prices, resulting in a record low of US$139/kWh this year. The decline in prices is attributed to the falling raw material and component prices, as well as the increase in production capacity.

In the past couple of years, supply chain issues such as rising raw material costs, post-COVID logistical challenges, and increasing demand for EVs have created a convergence that led to a potential rise in battery costs. This prediction was proven correct, as there was a 7% average pack price increase from 2021 to 2022, reaching USD$151/kWh last year. This sharp reversal came after a decade of consistent declines of around 10% annually.

China, being the largest manufacturer of battery packs, leads the market with the cheapest battery packs found at an average of US$126/kWh. The US and Europe, on the other hand, face a learning curve in their efforts to become significant players in the battery value chain. Consequently, the prices of battery packs in these regions are 11% and 26% higher, respectively. This difference reflects the relative immaturity of their industries, as well as the intense competition on price among China's numerous manufacturers.

该报告称，电动汽车和固定存储领域持续转向低成本磷酸铁锂（LFP）电池。 LFP 电池组的平均价格为 130 美元/kWh，LFP 电池的成本为 95 美元/kWh。 LFP 现在比更常用的镍锰钴 (NMC) 阴极化学材料便宜 32% 左右。

As the market continues to evolve, there are some challenges to consider. One significant factor is the portion of lithium carbonate used in LFP production, which is much higher compared to NMC. Consequently, when lithium carbonate prices spiked last year, the cost of LFP batteries increased faster than that of NMC batteries. Additionally, efforts to localize cell manufacturing in large markets like the US and Europe, as well as the impact of production incentives and regulations on critical minerals, will affect battery prices in the coming years.

To address these challenges and explore opportunities in the energy storage sector, Solar Media, the publisher of Energy-Storage.news, will be hosting the 9th annual Energy Storage Summit EU in London in February 2024. This event will bring together Europe's leading investors, policymakers, developers, utilities, energy buyers, and service providers in one place to discuss the latest developments and trends in the industry. With a larger venue this year, the summit aims to provide a platform for networking and collaboration among key players in the energy storage sector.

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